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Calculate the future value of €800 one year from today if the interest rate is a) 3% b) 5% c) 7%.
Consumption Function
An economic formula that represents the relationship between total consumption and gross national income.
Aggregate Income
The total income earned by all individuals or entities in an economy, including wages, profits, rents, and investment earnings, over a specific time period.
Aggregate Consumption
The total amount of goods and services consumed in an economy over a specific period.
Consumption Function
A relationship in economic terms between the gross national income and the aggregate consumption level.
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